Discontined Operations (Tables)

9 Months Ended

Sep. 30, 2013

Discontinued Operations [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The following represents the components of the assets and liabilities of the discontinued operations at December 31, 2012.

	December 31, 2012
Cash and cash equivalents	$	158,727
Restricted cash	4,035,360
Land	3,828,345
Buildings and improvements	28,316,081
Real estate assets before accumulated depreciation	32,144,426
Accumulated depreciation	(5,208,176		)
Net real estate assets	26,936,250
Other assets	1,450,090
Total assets from discontinued operations	32,580,427
Accounts payable and accrued expenses	1,531,462
Total liabilities from discontinued operations	1,531,462
Net assets of discontinued operations	$	31,048,965

The following presents the revenues, expenses and income from discontinued operations:

	For three months ended September 30,					For nine months ended September 30,
	2013			2012		2013		2012
Rental revenues	$	109,868		$	1,484,852	$	807,924	$	4,611,512
Expenses	169,026			1,235,864		542,703		3,875,775
(Loss) income from continuing operations of the discontinued operations	(59,158		)	248,988		265,221		735,737
Gain on sale of discontinued operations	1,401,656			—		3,177,183		1,277,976
Net income from discontinued operations	$	1,342,498		$	248,988	$	3,442,404	$	2,013,713